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Federal Bank’s subsidiary -- Fedbank Financial Services (FedFina) has filed draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for its initial public offering (IPO)

FedFina is proposing to undertake the IPO comprising a fresh issue of equity shares by FedFina aggregating up to Rs 900 crore (the fresh issue) and an offer for sale of up to 1,64,97,973 equity shares by its bank and up to 2,92,16,313 equity shares by True North Fund VI LLP. Post the proposed IPO, FedFina would continue to be a subsidiary of Federal Bank.

Fedbank Financial Services offers medium term and small ticket loans against property (LAP), business loans, as well as gold loans.